Sensex, Nifty open flat; ICICI Bank up ahead of results

The Sensex and the Nifty opened the day flat despite worries over a weak monsoon.

The Sensex was trading with losses of 14 points, while the Nifty lost 3 points in early trade. Among the early losers was Cairn India, whose stock fell 4 per cent, following lower than expected quarterly results.

Heavyweight, Reliance Industries was down more than one per cent, while other losers from the Nifty was Hindalco and Maruti.

ICICI Bank which is slated to declare results later today was trading with gains, while Axis Bank was marginally lower ahead of its results.

Bharti Infratel, which reported a superb quarterly performance gained almost 4 per cent in trade today. Pharma major Wockhardt slumped three per cent, after new regulatory worries re-surfaced.

Software stocks were having a good day in trade with Infosys and TCS both trading higher. IDFC, which is slated to declare results later today was trading with losses.

PSU banking stocks continued to rally in trade today on hopes that there would be fresh capital infusion into these banks, once a new government takes charge at the centre.

Among the stocks that gained were Canara Bank, Union Bank and Oriental Bank. Mid cap stocks were having a good session in trade with Bata India, Rcom, Allahabad Bank and Adani Enterprises among the early gainers in trade.

Meanwhile, markets in Asia were trading lower with the Taiwan Weighted, Seoul Composite and the Strait Times all losing ground.